Betfair retreats from Greece amid regulatory uncertainty

Betfair has decided all bets are off in Greece after the Athens government
warned the directors of online gambling companies they could face at least
10 years in prison if they do not apply for controversial new operating
permits.

The gambling exchange is pulling out of Greece, which accounts for about 4pc, or £13m, of core revenues, after Athens introduced permits which could potentially force operators to pay 40pc tax on both historic and future takings.

Betfair has so far refused to apply for a licence as it believes the Greek government’s stance is “inconsistent” with European law.

Greece’s position is being contested by industry bodies such as the Remote Gambling Association, which believes Athens has handed an unfair advantage to the state-controlled gambling operator OPAP, which will not be subject to the same regime as private operators.

Earlier this month, Greece warned all gaming operators that continue to take bets from Greek customers without a permit that they risk fines of up to €500,000 (£405,000) and possible criminal charges. A deadline of December 6 has been set for unlicensed operators, which also include William Hill, to withdraw.

Breon Corcoran, Betfair’s new chief executive, has decided to pull out of Greece “until greater clarity is received”. A spokesman for William Hill said the betting group is assessing the situation.